What’s my property really worth?

If you’re thinking of selling your property, one of your first tasks is to arrange a property valuation. Once you’ve got a figure, you’ll be able to set your asking price and manage your expectations.
 
Accurate property valuations are essential to the selling process. Guessing or relying on online estimates is not enough to make important plans around, setting you up for complications and potential disappointment. Fortunately, expert, free property valuations are easy to arrange.

If you underprice your property, you may sell relatively quickly but miss out on potential profit. If you overprice your property:

a) You may struggle to attract buyers.
b) Your buyer may be unable to get a mortgage.
c) Your unsold property may stagnate on the market and fail to sell at all.
d) Any plans you make will be based on potentially unrealistic expectations.
 
With an accurate valuation, you are able to set an asking price you should reasonably expect to achieve while also enabling you to plan your next move. You can also use an accurate valuation as leverage to secure a mortgage or remortgage your property. 

While it’s possible to make your own estimates or use generic online calculators to value a property, these methods lack expect insight. A professional valuation provides:

- Knowledge of current market trends
- Local insight
- Understanding of the neighbourhood
- Consideration of your property’s unique features
- Experience in selling similar properties
- Reliability 

It’s a good idea when seeking a value to get three quotes. You can then compare the figures and make an informed decision. It’s always tempting to go with the highest value but ask yourself if it’s realistic. Aiming too high can cause problems in the long run.

The first three things your estate agent will look at are:
1. Location
2. Size
3. Local prices for comparable homes
 
This first stage is quite straightforward and gives a good general idea of what your property might be worth. However, basing a whole valuation on these three factors alone can be risky as there is a lot more to consider.

When your estate agent looks around your property they’ll be able to get a really good idea of what it’s worth. They’ll look at the general condition of the property and if you’ve had any extensions/made changes to the layout. Then they’ll move on to finer details.
 
Your agent will look at:

- The quality of extensions/additions/modifications to the property
- Flooring
- Windows
- Insulation
- Potential for improving/extending

To help them calculate their final figure, your estate agent may want to ask you some questions, so it’s helpful to have the information ready. Questions they may ask include:

1. Are there any issues with the property?
2. When were your windows last replaced?
3. How old is your boiler? Has it been regularly serviced?
4. Is there anything that makes your house unique?
5. Is it a sole or joint ownership?
6. Is the property leasehold? Who owns it, and how long is left on the lease?

Once they have all the information they need, your estate agent will calculate a property valuation. The figure will be based on a combination of everything they have seen, the information you’ve provided and knowledge of the current local market.
 
They might ask whether you are looking for a quick sale or would prefer to aim for the highest possible price before presenting you with their figure.

At Beresfords, our teams of estate agents have years of experience and industry knowledge. We provide free property valuations to help clients when selling or refinancing.
 
Every property valuation we conduct draws upon our local expertise and experience. We make use of up-to-date market knowledge and have a solid reputation for accuracy.
 
Our trusted advisers are also here to help with the full selling and refinancing process.   

While some factors are impossible to influence, there are steps you can take to maximise your property valuation. Simple tasks such as decluttering, cleaning, minor repairs and decorating will all help show off your property to its very best. Not only will this help achieve the highest possible valuation, it will also make the property more appealing to buyers, helping it to sell as quickly as possible. If you’d like further tips, this blog has great ideas on styling your home for a quick sale.

If you’re considering selling or remortgaging your property, you first need an accurate valuation. If you have any questions or are ready to book a free, no-obligation property valuation with our team of experts, please get in touch. We look forward to helping you with your next move.